BIBA launches insurance schemes management facility with Accelerate Underwriting
6th February 2017
The British Insurance Brokers’ Association (BIBA) has launched a new facility with Accelerate Underwriting that allows members to place non-standard and niche commercial insurance schemes business with UK A rated insurance capacity.
The agreement with Accelerate spells a change for BIBA member schemes as it is not product based. Accelerate will provide solutions for brokers allowing them to create insurance schemes, or manage existing arrangements more efficiently using technology and independent expertise that will meet both broker and client needs.
The Accelerate facility can offer an alternative where existing broker schemes have grown beyond the manual processes in place or where the administration is cumbersome or cannot meet current minimum regulatory or governance requirement.
BIBA members will have access to AcceleRATER™, Accelerate’s innovative e-trading platform which has been developed and enhanced during the last two years. The web based platform allows brokers to quote, bind, adjust and renew non-standard business and produces instant documentation including dynamic policy wordings – only the cover sections selected are produced. This facility reverses traditional scheme models as Accelerate will work with BIBA members to build new facilities for their schemes, rather than presenting standard, ‘off-the-shelf’ products. The new facility will allow BIBA members to focus on operations and sales whilst being supported with expertise in underwriting and product governance.
Mike Hallam, BIBA Head of Technical Services, said: “We have developed this facility with Accelerate in order to achieve something different and we see this as a great innovation for our members which will help them take control of the direction of their insurance scheme business. Accelerate will be able to work with our members to create a bespoke schemes management facility for them that ticks all the product governance and claims handling boxes. We know members will enjoy the freedom to then focus on growing their businesses.”
Scott Brown, MD at Accelerate, said: “We are excited to be launching this facility for BIBA members. Accelerate will control the underwriting framework, product governance and life cycling product management allowing brokers to concentrate on their operations and their sales. We’re looking forward to working closely with BIBA to ensure we support their members in delivering a product their customers need as well as providing operational efficiencies along with helping reduce the regulatory burden that brokers face – allowing them to concentrate on working for their clients.”
Notes to editors
- For further information please contact:
BIBA press office:
Pam Quinn, Head of Communications
020 7397 0223
Leighann Forsyth; Deputy Head of Communications
020 7397 0223
- About the British Insurance Brokers’ Association
The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.
BIBA membership includes just under 2,000 regulated firms, employing more than 100,000 staff. General insurance brokers contribute 1% of GDP to the UK economy, they arrange 52% of all general insurance and 78% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.
BIBA helps more than 250,000 people a year to access insurance protection through its Find a Broker service, both online and via the telephone.
BIBA is the voice of the sector advising members, the regulators, consumer bodies and other stakeholders on key insurance issues.